DUBLIN, May 31, 2022 /PRNewswire/ — The “Contract Lifecycle Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global contract lifecycle management (CLM) software market size reached US$ 1.70 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 3.30 Billion by 2027, exhibiting a CAGR of 11.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor
Contract lifecycle management (CLM) software assists in efficiently managing the complete process of a contract signed between two or more organizations. It comprises of eight vital steps:
contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval, and renewal, amendments and disposition. CLM software ensures adherence to regulations, mitigates risks associated with a contract, protects an organization from incurring a penalty for non-compliance and enhances their decision-making process. Apart from this, it also helps the organization in forming alliances with other firms in order to expand their consumer base. As a result, the demand for CLM software is rising in the public, healthcare, manufacturing and financial service sectors across the globe.
Global Contract Lifecycle Management Software Market Drivers:
CLM software helps lawyers in retrieving similar contracts from the library for reference purposes which can be viewed virtually in formats like Microsoft Word, PowerPoint and Excel. This reduces the time to review and enables organizations to identify loopholes in their system.
This software also offers efficiency and transparency in reporting mechanisms and management controls, and allows organizations to ensure compliance with acts implemented by governing authorities. Moreover, the emergence of cloud-based CLM software is driving the demand for this solution across various industries as it offers an easy-to-use interface, provides seamless integration with popular CLM systems, enables dynamic workflow approvals and significantly reduces overall costs.
In addition to this, it helps enterprises minimize infrastructural investments related to contract management. Due to rapid globalization, the requirement for a collaborative approach in handling projects and joint ventures has gained immense significance as it leads to better contract visibility for the concerned parties. On account of this, organizations are initiating large-scale collaborations to cope with constant alterations in their businesses which is expected to create a positive outlook for the CLM market.
The competitive landscape of the market has also been examined with some of the key players being CLM Matrix, IBM Emptoris, Icertis, SAP, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, Easy Software, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software and Zycus
Key Question Answered in this Report
1. What is the size of the global contract lifecycle management software market in 2021?
2. What is the expected growth rate of the global contract lifecycle management software market during 2022-2027?
3. What are the key factors driving the global contract lifecycle management software market?
4. What has been the impact of COVID-19 on the global contract lifecycle management software market?
5. What is the breakup of the global contract lifecycle management software market based on the deployment model?
6. What is the breakup of the global contract lifecycle management software market based on the offerings?
7. What is the breakup of the global contract lifecycle management software market based on the enterprise size?
8. What is the breakup of the global contract lifecycle management software market based on the industry?
9. What are the key regions in the global contract lifecycle management software market?
10. Who are the key players/companies in the global contract lifecycle management software market?